Shares of major railway stocks RVNL, IRFC, IRCON, RITES, and Titagarh Rail Systems were down on Thursday morning.
What Happened: Market analysts attribute the correction to the stock to profit booking as there was no visible trigger for the fall.
Railway stocks had a stellar year in the bourses, surging between 70% and 500%. Since last year, shares of IRFC have zoomed more than 530%, RVNL soared 390%, Railtel surged 270%, IRCON and Jupiter Wagons rose more than 260%.
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Most of these stocks are sitting on strong order books and have seen order inflows, giving revenue visibility. RVNL had an order book of ₹80,000 crore and Titagarh Rail Systems had ₹28,076 crore as of March 2024.
Price Action: Shares of Railway stocks fell on Thursday morning.
Rail Vikas Nigam shares fell 4.40% to ₹592.85.
IRFC shares were down 3.68% to ₹204.31.
IRCON shares declined 3.49% to ₹312.50.
IRCTC shares were down 1.38% to ₹1,014.75.
Railtel shares declined 4.90% to ₹528.95.
Jupiter Wagons shares fell 2.33% to ₹646.60.
Titagarh Rail Systems shares were down 4.05% to ₹1,635.30.
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